NYSE: SHW · Specialty Chemicals
Sherwin-Williams
Sherwin-Williams, founded in 1866 and based in Cleveland, is a leading manufacturer and retailer of paint, coatings and related products for professional, industrial, commercial and retail customers. It reports three segments: the Paint Stores Group ($13.6 billion of 2025 net sales, through thousands of company-operated paint stores in the U.S., Canada and Latin America), Performance Coatings ($6.8 billion) and Consumer Brands ($3.2 billion; brands such as Valspar, Minwax and Krylon). Net sales grew from $18.4 billion (2020) to $23.6 billion (2025) and net income was $2.6 billion. In October 2025 it acquired Suvinil, BASF’s Brazilian decorative paints business (about $525 million of annual sales).
Last updated
Analysis last edited: November 3, 2026 · Financial data fetched: November 3, 2026 02:14 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-10-27Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 5.1%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.34x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 33.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.77
Higher than 27% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 37% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$356.11close on 2026-11-04
Market cap$88.21B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 33.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 19.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.0%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.9%
At FY2025 year-end: 31.6x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 17.5x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 3.3%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$6.36B → $6.86B (vs. a year earlier)↑ +7.9%$6.36B → $6.86B (vs. a year earlier)
- Net income$833M → $821M (vs. a year earlier)↓ −1.5%$833M → $821M (vs. a year earlier)
- Diluted EPS$3.35 → $3.38 (vs. a year earlier)↑ +0.9%$3.35 → $3.38 (vs. a year earlier)
- Cash$294M → $264M (vs. previous quarter-end)↓ −10.0%$294M → $264M (vs. previous quarter-end)
- Long-term debt$9.83B → $9.44B (vs. previous quarter-end)↓ −3.9%$9.83B → $9.44B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook ↔ Narrowed
Narrowed 2026 adjusted EPS guidance, with a range starting at $11.85. Source sentence
◦ Narrowing full year 2026 adjusted diluted net income per share guidance in the range of $11.85 to $12.15 per share
Key changes
Q3 net sales up 7.9% to $6.86B. Source sentence
Consolidated Net sales increased 7.9% to $6.86 billion in the quarter
Net income down 1.5% to $821.0M. Source sentence
Net income decreased 1.5% in the quarter to $821.0 million, or 12.0% of Net sales
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- SHERWIN WILLIAMS CO
- Headquarters
- CLEVELAND, OH
- Incorporated in
- Ohio
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: SHW
- Industry
- Specialty Chemicals
- CIK
- 89800
Workforce (as of FY2025 year-end)
Employees
64,249
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 25–30 days after quarter end (Jan 29, 2026; Jan 30, 2025; Jan 25, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 27, 2026 10-Q (+27 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 28, 2026 10-Q (+28 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 28, 2026 10-Q (+28 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 29, 2026 (+29 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Oct 28, 2025 10-Q (+28 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 22, 2025 (+22 days) | Jul 24, 2025 10-Q (+24 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | Apr 29, 2025 10-Q (+29 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 30, 2025 (+30 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 22, 2024 (+22 days) | Oct 22, 2024 10-Q (+22 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 23, 2024 (+23 days) | Jul 23, 2024 10-Q (+23 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 23, 2024 (+23 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 25, 2024 (+25 days) | Feb 20, 2024 10-K (+51 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Paint Stores Group
Architectural paint
Sherwin-Williams paints and supplies sold through company-operated stores.
Performance Coatings Group
Industrial coatings
Coatings for industrial wood, general industrial, packaging, coil and automotive refinish.
Consumer Brands Group
Consumer brands
Valspar, Minwax, Krylon, Purdy, Suvinil and other brands sold through retailers.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Paint and coatings
Paint, coatings and related products
U.S. share
—
Not disclosedWorldwide share
A leading manufacturer and retailer
Company-disclosed“a leading manufacturer and retailer of paint, coatings and related products” (no share stated).
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026 results
Q3 net sales up 7.9% to $6,860M; diluted EPS $3.38 (vs $3.35).
Source: Form 10-Q (quarter ended 2026-09-30)
New financing
Entered a 364-day term loan credit agreement and a EUR term loan on September 24, 2026.
Source: Form 8-K (2026-09-29)
Suvinil
Completed the Suvinil acquisition in October 2025.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
2.34x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$798M ÷ $340M = 2.34x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$2.77B
Latest year: $1.21B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $304M in FY2020 to $798M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$23.57B
As reported in the 10-K
Revenue CAGR (5 years)
+5.1%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($23,574M ÷ $18,362M) ^ (1÷5) − 1 = 5.1%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
59.4%▲favorable
6-year average: 64.9%
As reported in the 10-K
P/B (FY2025 end)
17.45x
formulafiscal year-end closing price ÷ book value per share
e.g.$324.03 ÷ $18.56 = 17.45x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +5.1% a year over 5 years (strong growth)
From $18.36B in FY2020 to $23.57B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Equity ratio is 17.8% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 64.9% over 6 years (latest: 59.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- BASF (Suvinil)
07 · what it does
Key activities
- Paint stores for professional painters and DIY
- Industrial and performance coatings
- Consumer brands sold through retailers
06 · what it draws on
Key resources
- 64,249 employees (end-2025)
- Manufacturing plants and distribution centers
- Company-operated paint stores
02 · why customers buy
Value propositions
- Paints and coatings; competes on product quality, innovation, breadth, technical expertise, service and price.
04 · how it keeps them
Customer relationships
- Ongoing relationships with professional contractors who buy at its stores.
03 · how it reaches them
Channels
- Its own paint stores (Paint Stores Group), plus retailers and direct industrial sales.
01 · who it serves
Customer segments
- Professional painting contractors
- Industrial and OEM customers
- Retailers and DIY consumers
09 · where money goes
Cost structure
FY2025, share of revenue ($23.57B)
- Cost of revenue51.2%
- Selling, general & administrative32.6%
Depreciation & amortization (inside the costs above): $340M. Capital spending: $798M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Net sales $23,574M (2025)
- Paint Stores Group $13,606M; Performance Coatings $6,795M; Consumer Brands $3,166M
- Dividends $3.16 per share
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Makes architectural and industrial coatings and sells them mainly through its own paint stores to contractors, plus retailers and industrial customers.
01 what it draws on
Inputs & resources
- 64,249 employees (end-2025)
- Manufacturing plants and distribution centers
- Company-operated paint stores
02 what it does
Activities
- Paint stores for professional painters and DIY
- Industrial and performance coatings
- Consumer brands sold through retailers
03 who it serves
Customers
- Professional painting contractors
- Industrial and OEM customers
- Retailers and DIY consumers
04 how money comes in
How it earns
- Net sales $23,574M (2025)
- Paint Stores Group $13,606M; Performance Coatings $6,795M; Consumer Brands $3,166M
- Dividends $3.16 per share
How the business makes money
- Three reportable segments.
- About 73% of employees are in the U.S.
- Acquired Suvinil (Brazil) in October 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Sherwin-Williams faces legacy lead-paint and environmental liabilities and trade-policy risk.
Environmental rules
Environmental cleanup
Designated a potentially responsible party under federal and state environmental laws.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Trade & export rules
Trade policy
Withdrawal from trade agreements, protectionism and restrictive trade policies could hurt results.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Approvals & licenses
Lead-paint litigation
Public-entity and private suits target past lead pigment sales.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Paint Stores Group
13,605.9 (58%)Performance Coatings Group
6,795.2 (29%)Consumer Brands Group
3,166.4 (13%)
Source: Form 10-K (FY2025) Segment net sales for 2025.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
BASF (Suvinil)
Completed acquisition of Suvinil, BASF’s Brazilian decorative paints business (about $525M annual sales), in October 2025.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Professional contractors, industrial customers and retailers.
Named by the company
Suppliers
Raw material suppliers for resins, pigments and solvents.
Named by the company
No single supplier is named as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Sherwin-Williams says its competitive position varies by product and market; the 10-K names no specific competitors.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Compensation peer group from the 2026 proxy statement.
- Akzo Nobelsite ↗
- Caterpillarsite ↗
- Colgate-Palmolivesite ↗
- Cumminssite ↗
- Deere & Companysite ↗
- DuPontsite ↗
- Eatonsite ↗
- Ecolabsite ↗
- Honeywellsite ↗
- International Papersite ↗
- Johnson Controls Internationalsite ↗
- Kimberly-Clarksite ↗
- Lindesite ↗
- LyondellBasellsite ↗
- Mascosite ↗
- Smurfit Westrocksite ↗
- Whirlpoolsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 18,362 | 19,945 | 22,149 | 23,052 | 23,099 | 23,574 |
| Operating income | 3,374 | 3,084 | 3,397 | 4,162 | — | — |
| Pretax income | 2,519 | 2,249 | 2,573 | 3,110 | 3,452 | 3,338 |
| Net income (attributable) | 2,030 | 1,864 | 2,020 | 2,389 | 2,681 | 2,569 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 8.6% | 11.1% | 4.1% | 0.2% | 2.1% |
| Operating margincalcoperating income ÷ revenue × 100 | 18.4% | 15.5% | 15.3% | 18.1% | — | — |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 11.1% | 9.3% | 9.1% | 10.4% | 11.6% | 10.9% |
| Balance sheet ($M) | ||||||
| Total assets | 20,402 | 20,667 | 22,594 | 22,954 | 23,633 | 25,902 |
| Total equity | 3,611 | 2,437 | 3,102 | 3,716 | 4,051 | 4,598 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 8,292 | 9,615 | 10,570 | 9,851 | 9,888 | 10,871 |
| Equity ratio | 17.7% | 11.8% | 13.7% | 16.2% | 17.1% | 17.8% |
| ROE | 56.2% | 61.7% | 72.9% | 70.1% | 69.0% | 59.4% |
| Cash flow ($M) | ||||||
| Operating CF | 3,409 | 2,245 | 1,920 | 3,522 | 3,153 | 3,452 |
| Investing CF | -322 | -476 | -1,608 | -1,039 | -1,196 | -2,066 |
| Financing CF | -3,020 | -1,834 | -282 | -2,425 | -2,017 | -1,379 |
| Free cash flowcalccash flow from operations − capital expenditures | 3,105 | 1,873 | 1,275 | 2,634 | 2,083 | 2,654 |
| Cash and equivalents | 227 | 166 | 199 | 277 | 210 | 207 |
| Per share & other | ||||||
| EPS ($) | 7.36 | 6.98 | 7.72 | 9.25 | 10.55 | 10.26 |
| BVPS ($) | 13.44 | 9.33 | 11.98 | 14.60 | 16.12 | 18.56 |
| Dividend per share ($) | 1.79 | 2.20 | 2.40 | 2.42 | 2.86 | 3.16 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 24.3% | 31.5% | 31.1% | 26.2% | 27.1% | 30.8% |
| P/E (x) | 33.3 | 50.5 | 30.7 | 33.7 | 32.2 | 31.6 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 20.3 | 30.3 | 19.6 | 20.0 | — | — |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 18.23 | 37.73 | 19.81 | 21.36 | 21.09 | 17.45 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $6.86B+7.9% | $821M-1.5% | $3.38 |
| 2026-06-30 | $6.79B+7.5% | $844M+11.8% | $3.43 |
| 2026-03-31 | $5.67B+6.8% | $535M+6.1% | $2.15 |
| 2025-12-31 † | $5.6B+5.6% | $477M-0.7% | — |
| 2025-09-30 | $6.36B | $833M | $3.35 |
| 2025-06-30 | $6.31B | $755M | $3.00 |
| 2025-03-31 | $5.31B | $504M | $2.00 |
| 2024-12-31 † | $5.3B | $480M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
5.7%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.4% − 2.7%
Past FCF growth (FY2020–FY2025)
-3.1%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+5.1%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $2.65B (operating CF − capex); enterprise value $98.87B = market cap $88.21B (latest close, 2026-11-04) + debt $10.87B − cash and short-term investments $207M; r = WACC of 8.4% using this page’s default assumptions (β 0.77, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$98.3B
FCF $2.65B ÷ (8.4% − 5.7%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.4% | 7.4% | 8.4% | 9.4% | 10.4% |
|---|---|---|---|---|---|
| 0% | 0.42x | 0.36x | 0.32x | 0.29x | 0.26x |
| 2% | 0.61x | 0.50x | 0.42x | 0.36x | 0.32x |
| 4% | 1.12x | 0.79x | 0.61x | 0.50x | 0.42x |
| 6% | 6.71x | 1.92x | 1.12x | 0.79x | 0.61x |
| 8% | — | — | 6.71x | 1.92x | 1.12x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.30x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.6%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 41 → 40 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$3,452M ÷ $2,569M = 1.34x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,389M + $2,791M) ÷ 2 ÷ $23,574M × 365 = 40 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($2,288M + $2,318M) ÷ 2 ÷ $12,059M × 365 = 70 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 83.1%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 16.9%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 284 of 416
- Beta (adjusted)
- 0.77
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 68% of covered companies have more
above 1 = swings more than the market
- 201.8M shares reported by 1,740 13F filers ÷ 242.8M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-11 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Store network
Controls distribution through thousands of company-operated paint stores.
Evidence: Form 10-K (FY2025)
2. Steady growth
Net sales rose from $18.4B (2020) to $23.6B (2025).
Evidence: Form 10-K (FY2025)
3. Dividend growth
DPS rose from $1.79 (2020) to $3.16 (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Thin equity
Equity of $4.6B against $10.9B of debt.
Evidence: Form 10-K (FY2025)
2. Flat volumes
Net sales grew only about 2% from 2023 to 2025.
Evidence: Form 10-K (FY2025)
3. Legacy lead-paint litigation
Defendant in lead pigment and lead-based paint suits.
Evidence: Form 10-Q (quarter ended 2026-09-30)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
31.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.98%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
31%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
3.3%
(Operating CF − capex) ÷ market cap
1. Distribution moat
Own store network serves professional painters directly.
- What has to hold
- Housing activity recovers.
- The other side
- Housing slowdown.
Evidence: Form 10-K (FY2025)
2. Dividend growth
Dividend raised every year 2020–2025.
- What has to hold
- Earnings keep growing.
- The other side
- Leverage.
Evidence: Form 10-K (FY2025)
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.1x
$207M vs. $1.55B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
3.4x
$2.65B vs. $790M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -8.6% in FY2021 ($3.37B → $3.08B) | Yes, by FY2022 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income above $1.8B each year 2020–2025.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Sherwin-Williams is a defendant in lead pigment and lead-based paint litigation and an NJ DEP natural resource damages suit; most past public-entity cases ended in its favor.
2 open matters · 1 settled or closed
Lead pigment and lead-based paint litigation
PendingProduct liabilityPlaintiffs; Sherwin-Williams
Defendant with other companies in suits over its past manufacture of lead pigments and lead-based paints; no amounts accrued because a loss is not considered probable.
Source: Form 10-Q (quarter ended 2026-09-30) — Note on Litigation
NJ DEP natural resource damages
PendingEnvironmentalNJ DEP; Sherwin-Williams
The New Jersey DEP sued in December 2019 seeking natural resource damages and punitive damages.
Source: Form 10-Q (quarter ended 2026-09-30) — Note on Litigation
California lead paint proceedings
ResolvedLawsuitCalifornia public entities; Sherwin-Williams
Reached a court-approved agreement in 2019 after nearly twenty years of litigation with California public entities.
Source: Form 10-Q (quarter ended 2026-09-30) — Note on Litigation
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-11-03. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Housing and construction
- Company disclosure (summarized from the 10-K)
- Demand depends on housing, remodeling and construction activity.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Raw materials & energy
Raw material costs
- Company disclosure (summarized from the 10-K)
- Costs of resins, pigments and other inputs can rise.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Law & regulation
Lead pigment litigation
- Company disclosure (summarized from the 10-K)
- Defendant with other companies in suits over past lead pigment and lead-based paint sales.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Customer/supplier concentration
Large customers
- Company disclosure (summarized from the 10-K)
- Losing any of its largest customers could hurt sales.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
- 5Funding & liquidity
Debt
- Company disclosure (summarized from the 10-K)
- Debt of $10.9B; new term loans in September 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
24
What to watch going forwardSite analysis
- Paint Stores Group same-store sales.
- Integration of Suvinil.
- Raw material costs.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 3, 2026 · Financial data fetched: November 3, 2026 02:14 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Sherwin-Williams’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.